Central Bank of India Q3 results: Net profit surges 57% to ₹718 crore
₹718 crore in the third quarter of FY24, as compared to a net profit of ₹458 crore in the same quarter a year ago, the Central Bank of India said in a stock exchange filing. Its total income was reported at ₹9,139 crore during the December quarter of FY24 against ₹7,636 crore in the same period last fiscal year. The net interest income (NII) of the bank declined to ₹3,152 crore during the third quarter as compared to ₹3,285 crore in the same period a year ago.
At the end of December 2023, Central Bank of India’s gross non-performing assets (NPAs) fell to 4.50 per cent of the total loans from 8.85 per cent a year earlier. Net NPAs or bad loans also came down to 1.27 per cent in Q3 of FY24 from 2.09 per cent at the end of the third quarter of the previous fiscal year. On January 4, Central Bank of India had reported a 14.9 per cent growth in advances to ₹2.4 lakh crore for the December quarter.
Total advances stood at ₹2.08 lakh crore at the end of the third quarter of the last financial year. Shares of Central Bank of India closed at ₹54.25, up 2.75 per cent, on the NSE on Friday. On January 14, the state-owned bank extended its festival offer for three months till March 31 to increase its retail asset book.
The bank is offering low-interest rates, waiver in processing fee and other facilities for customers during this period. Earlier, the offer was till December 31, 2023. Its Cent Grih Laxmi Scheme and Cent Business Scheme are offering the lowest rate of interest across the industry starting from 8.35 per cent.Milestone Alert!
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